ISLAMABAD: The Securities and Alternate Fee of Pakistan (SECP) has granted licence of life insurance coverage to Postal Life Insurance coverage Firm underneath the Insurance coverage Ordinance, 2000.
Established in 1884, PLI has been working as an connected company of Pakistan Publish. To be able to deliver enchancment in its governance construction and improve outreach and stakeholder confidence, the federal government has determined to deliver the organisation underneath the regulatory purview of SECP.
The licence underneath the ordinance would make PLI topic to compliance with SECP’s regulatory frameworks of company governance, insurance coverage requirements and AML/CFT protocols and so on.
Equally, the applicability of regulatory requirements would remodel PLI into a contemporary life insurer which might totally utilise the huge department community of Pakistan Publish throughout the nation.
The corporatisation and licensing of PLI would set up efficient supervisory controls and assist in direction of growing the insurance coverage penetration ranges within the life sector, owing to its massive buyer base and established distribution community all through Pakistan.
Printed in Daybreak, August 28th, 2020